FRANKLIN, Tenn., Nov. 26 /PRNewswire-FirstCall/ -- Psychiatric Solutions, Inc. ("PSI") today announced that it has filed a registration statement with the Securities and Exchange Commission covering the public offering of 3,000,000 shares of its Common Stock. PSI is offering 2,850,000 shares and certain of PSI's existing stockholders are offering 150,000 shares. The underwriters also have an option to purchase an additional 450,000 shares of Common Stock from PSI and certain of PSI's existing stockholders to cover over-allotments, if any. Merrill Lynch & Co. and Citigroup Global Markets Inc. are the joint book-running managers of the offering. Lehman Brothers Inc., Banc of America Securities LLC, Raymond James & Associates, Inc. and Avondale Partners, LLC are the co-managers of the offering.
PSI intends to use the net proceeds from the offering to redeem $50 million of its 10-5/8% senior subordinated notes due 2013 and to pay down a portion of its revolving credit facility. PSI will not receive any proceeds from the sale of Common Stock by the selling stockholders.
PSI offers an extensive continuum of behavioral health programs to critically ill children, adolescents and adults through its operation of 34 owned or leased freestanding psychiatric inpatient facilities with more than 4,000 beds. PSI also manages freestanding psychiatric inpatient facilities for government agencies and psychiatric inpatient units within medical/surgical hospitals owned by others.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state of which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
When publicly circulated, a preliminary prospectus relating to these securities may be obtained from Merrill Lynch & Co., Prospectus Department, 4 World Financial Center, New York, New York 10080 and Citigroup Global Markets Inc., Prospectus Department, at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, telephone: (718) 765-6732, facsimile: (718) 765-6734.
Psychiatric Solutions, Inc.CONTACT: Brent Turner, Vice President, Treasurer and Investor Relationsof Psychiatric Solutions, +1-615-312-5700